CNBC Excerpts: CNBC Broadcasts Live from the Sohn Investment Conference in Partnership with CNBC Monday, May 8th

WHEN: Monday, May 8th

WHERE: CNBC’s Business Day programming

Following are excerpts from the unofficial transcripts of CNBC EXCLUSIVE interviews with Chamath Palihapitiya, Social Capital Founder and CEO; former NASCAR driver Jeff Gordon; Keith Meister, Corvex Management Managing Partner; Brad Gerstner, Altimeter Capital Management Founder and CEO; Cliff Robbins, Blue Harbour Group Founder and CEO; and Debra Fine, Fine Capital Partners Vice Chair, Founder and President during CNBC’s Business Day programming today, Monday, May 8th, live from the Sohn Investment Conference in Partnership with CNBC. Video from the interviews are available on CNBC.com.

All references must be sourced to CNBC.

CHAMATH PALIHAPITIYA, SOCIAL CAPITAL FOUNDER AND CEO:

Video: http://video.cnbc.com/gallery/?video=3000616722 and http://video.cnbc.com/gallery/?video=3000616728

PALIHAPITIYA ON TESLA

WE LOVE THE CONVERTIBLE BONDS AND THE REASONS WE LOVE THE CONVERTIBLE BONDS IS IT GIVES YOU ALL THE EXPOSURE – ACTUALLY TO BE PRECISE, ABOUT 95% OF THE EXPOSURE, TO ALL THE UPSIDE THAT THE EQUITY DOES. BUT UNLIKE THE EQUITY, IF THE EQUITY SOMEHOW GETS IMPACTED, IF THEY CAN’T RAISE THE MONEY THEY NEED TO FINANCE THE CARS, YOU’RE COMPLETELY PROTECTED. SO BASICALLY YOU GET A COSTLESS FIVE-YEAR CALL.

PALIHAPITIYA ON ORACLE

ORACLE IS NOT A BUSINESS THAT YOU CAN SHORT TODAY, BUT IT IS ALSO NOT A BUSINESS THAT IS GOING TO WIN TOMORROW. SO THE REASONS YOU CAN’T SHORT IT IS BECAUSE IT HAS AN UNBELIEVABLE SALES AND MARKETING MACHINERY THAT WILL FIGURE OUT HOW TO TAX ITS EXISTING CUSTOMERS IN UMTEEN NUMBERS OF BYZANTINE WAYS THAT ARE UNBELIEVABLE AND PROBABLY UNKNOWN TO THE CFOS THAT PAY THEM.

PALIHAPITIYA ON TECH

AT THE END OF THE DAY, WHEN YOU ARE MAKING DEEP METHODICAL INVESTMENTS IN TECHNOLOGY COMPANIES, IT IS FUNDAMENTALLY FIRST AND FOREMOST ABOUT THE JOCKEY. AND THAT WAS THE POINT I WAS TRYING TO MAKE EARLIER TODAY, WHICH IS EVERY TIME WALL STREET HAS TRIED TO BET AGAINST THE JOCKEY, FOR EXAMPLE WITH JEFF BEZOS, THEY HAVE BEEN FUNDAMENTALLY WRONG AND THE SHORTS GOT THEIR FACES RIPPED OFF. IT WAS ALSO TRUE WITH FACEBOOK. IT WAS TRUE FOR A PERIOD WITH APPLE. IT WAS TRUE FOR A PERIOD WITH GOOGLE. AND I THINK IT’LL PROBABLY BE THE CASE WITH TESLA.

JEFF GORDON, FORMER NASCAR DRIVER:

Video: http://video.cnbc.com/gallery/?video=3000616733

GORDON ON THE BUSINESS OF NASCAR

THERE’S BEEN A LOT OF CHALLENGES IN THE BUSINESS WORLD AND SPORTS WORLD. I MEAN, I JUST CAME FROM TALLEDEGA WHERE WE HAD ONE OF THE BIGGEST CROWDS AND ONE OF THE GREATEST RACES WE’VE HAD IN A WHILE. AND SO, YOU KNOW, THERE ARE MOMENTS WHERE YOU GO, YOU KNOW WHAT, SPORTS IS AS GOOD AND AS HEALTHY AS IT CAN POSSIBLY GET, AND YOU GO SOME PLACE AND YOU GO, YOU KNOW WHAT, I WONDER WHAT WE HAVE TO DO HERE TO GET A LITTLE BIT MORE INTEREST.

GORDON ON NASCAR’S VIABILITY

NASCAR IS REALLY ABOUT NORTH AMERICA RIGHT NOW. YOU KNOW AND IT HAS BEEN FOR A LONG TIME AND THAT’S WHERE ITS ROOTS ARE. AND I FEEL LIKE WE PRETTY MUCH CONTROL NORTH AMERICA WHEN IT COMES TO MOTOR SPORTS, AND IT’S JUST OUR TYPE OF FAN AND OUR RACING AND OUR SPONSORS AND WHO WE RELATE TO – TOTALLY DIFFERENT THAN FORMULA 1. SO I MEAN, I THINK THERE’S TWO PLACES FOR BOTH FORMS OF MOTOR SPORTS, BUT FORMULA 1 IS MORE GLOBAL AND IT IS MORE RECOGNIZED OUTSIDE OF NORTH AMERICA, ESPECIALLY IN THE U.S., THAN NASCAR.

GORDON ON DRIVERLESS CARS

THERE MIGHT BE A PLACE FOR IT, I KNOW THERE’S FORMULA E RIGHT NOW – THAT’S ELECTRIC CARS THAT ARE RACING. LISTEN, I LOVE TECHNOLOGY AND DRIVERLESS CARS ARE GOING TO BE GREAT FOR TRANSPORTATION. IT’S A LONG WAY AWAY FROM BEING A PERFORMANCE-DRIVING CAR IN RACING.

KEITH MEISTER, CORVEX MANAGEMENT MANAGING PARTNER:

Video: http://video.cnbc.com/gallery/?video=3000616695

MEISTER ON CENTURYLINK

THE DEAL’S DONE. A DEAL THAT WAS BETTER THAN THE DEAL WE COULD’VE DREAMED UP AND WE GOT TO BUY THE STOCK CHEAPER BECAUSE THE MARKET IS CONCERNED BY WHAT WE THINK ARE SHORT TERM DRIVERS. YOU KNOW, CENTURYLINK MISSED EARNINGS THIS QUARTER, THEY REVISED DOWN GUIDANCE. FRONTIER OR – THAT DOESN’T HAVE THAT MUCH TO DO WITH CENTURYLINK ISN’T PERFORMING WELL. ALL THESE THINGS THAT WILL BECOME IRRELEVANT ARE DRIVING DOWN A SHARE PRICE, WHEN THE DEAL THEY DID THEY DESERVE LOTS OF CREDIT FOR, THE COMPANY’S MORE VALUABLE.

MEISTER ON JACK BOGLE COMMENTS

I THINK THERE’S MERIT TO WHAT HE’S SAYING. HE’S GIVING THE STRETCH ENDGAME ANSWER. WE NEED ACTIVE MANAGEMENT AS WELL AS PASSIVE INVESTORS. PASSIVE INVESTING IS A GREAT PRODUCT FOR PEOPLE WHO WANT TO COMPARE WITH AN INDEX. THE CHALLENGE IS IF THE PASSIVE MONEY IN THE MARKET GETS TO BE TOO BIG, YOU HAVE NO REAL PRICE DISCOVERY AND YOU HAVE NO REAL ACCOUNTABILITY.

BRAD GERSTNER, ALTIMETER CAPITAL MANAGEMENT FOUNDER AND CEO:

Video: http://video.cnbc.com/gallery/?video=3000616692 and http://video.cnbc.com/gallery/?video=3000616689

GERSTNER ON UBER AND AIRBNB

I THINK THAT THIS IDEA THAT UBER AND AIRBNB AREN’T GOING TO GO PUBLIC – THE SURPRISE WILL BE HOW QUICKLY THEY DO, NOT HOW LONG IT TAKES.

GERSTNER ON UNITED

I HAD TALKED TO THE COMPANY. I THOUGHT THEY DID SHARE MY VIEWS. I THINK THEY WERE CLUMSY IN HOW THEY GOT AROUND TO RESPONDING TO THIS. BUT BY WEDNESDAY, OSCAR MADE IT ABSOLUTELY CLEAR THAT HE TOO WAS DISGUSTED.

AND NOW HE’S MOVING VERY QUICKLY TO TAKE THE RIGHT STEPS, TO PUT THE CUSTOMER FIRST. AND SO, I THINK WHEN WE LOOK BACK AT THIS, THERE MAY ACTUALLY BE A SILVER LINING, WHICH IS, A COMPANY THAT WASN’T DOING THE RIGHT THINGS BY CUSTOMERS IN EVERY INSTANCE, IS REALLY RE-EXAMINING ALL THE THINGS THEY’RE DOING – WHETHER THEY’RE FEES THAT THEY ARE CHARGING CUSTOMERS OR WHETHER IT’S DENIED BOARDINGS. AND I THINK IT’LL ALL IMPROVE.

GERSTNER ON RETAIL AND TRAVEL

THE REALITY IS I THINK ANYBODY OBSERVING WHAT’S GOING ON IN THE WORLD TODAY, WE’VE HAD NINE RETAIL BANKRUPTCIES SO FAR THIS YEAR, THE MALLS ARE UNDER PRESSURE, AND THIS IS NOT LINEAR, RIGHT. THE REACCELERATION DUE TO THESE PHONES IN OUR POCKETS AND PEOPLE’S BEHAVIOR IS CHANGING THE GAME. AND JUST TAKE ANOTHER – THE LARGEST COMMERCE CATEGORY IN THE WORLD IS TRAVEL. IT’S A TRILLION DOLLAR COMMERCE CATEGORY – ALIBABA’S NOT IN IT, AMAZON’S NOT IN IT. WE HAVE A GLOBAL DUOPOLY BETWEEN EXPEDIA AND PRICELINE AND WHAT I WOULD ARGUE IS THE LARGEST CATEGORY AND I THINK 10% OF THE WAY THERE, 10% OF THE SHIFT HAS OCCURRED TODAY. SO LONG RUNWAYS FOR THESE COMPANIES, WIDE RUNWAYS, AND NOW WE HAVE COMPETITIVE MOATS DUE TO SCALE.

CLIFF ROBBINS, BLUE HARBOUR GROUP CEO

Video: http://video.cnbc.com/gallery/?video=3000616744

ROBBINS ON HIS CRITERIA

IT’S LESS ABOUT AGITATION. WE HAVE THREE CRITERIA FOR INVESTING. ONE IS THE COMPANY IS TRADING AT A BIG DISCOUNT TO INTRINSIC VALUE. TWO IS WE HAVE SPECIFIC THINGS – AND THIS IS WHERE YOU’RE GOING WITH YOUR QUESTION – SPECIFIC THINGS YOU WANT THE COMPANY TO DO. IN THIS CASE, IT IS DEPLOY THAT EXCESS CAPITAL. AND THREE, THAT WE REALLY LIKE THE MANAGEMENT TEAM. AND IN THIS CASE, AGAIN, THE COMPANY IS RUN BY EXECUTIVES WHO HAVE DONE WELL, GOOD HONEST PEOPLE, OWN A BIG STAKE OF THE COMPANY THEMSELVES AND WE THINK ARE INCENTED TO BUILD STOCKHOLDER VALUE.

ROBBINS ON INVESTORS BANK AND WEBMD

I JUST THINK THAT INVESTORS BANK CORP IS UNIQUE BOTH IN THE RISK AND REWARD. WE KEEP TALKING ABOUT THE UPSIDE IN INVESTORS BANK CORP AND I THINK THERE’S 30-40-50-60% UPSIDE, BUT THERE’S ALSO TREMENDOUS DOWNSIDE PROTECTION. IT’S A COMPANY THAT’S SITTING ON A BILLION DOLLARS OF EXCESS CAPITAL AND TRADING AT A BIG DISCOUNT TO PEERS. SO WHAT’S UNIQUE ABOUT INVESTORS BANK CORP IS NOT JUST THE UPSIDE, BUT THE DOWNSIDE. THAT’S WHY – I COULD ONLY PICK ONE, IF I COULD’VE PICKED TWO, I WOULD’VE TALKED ABOUT WEBMD ALSO. BUT I COULD ONLY PICK ONE. WEBMD IS ALSO AN INTERESTING COMPANY THAT’S REALLY AT THE CONVERGENCE OF TWO BIG MEGA TRENDS: DIGITAL COMMERCE ON ONE HAND AND OF COURSE, HEALTH AND WELLNESS, WHICH EVERYONE IS INTERESTED IN ON THE OTHER HAND. SO THAT’S A VERY UNIQUE BUSINESS THAT’S GOT A LOT OF UPSIDE, AS WELL.

ROBBINS ON THE THREE YEAR LENS

THE MAIN EVENT FOR US IS WE’RE INVESTING WITH A TWO OR THREE YEAR LENS AND ALL THE COMPANIES WE’RE INVESTING IN I AM VERY CONFIDENT WILL BE MAKING MORE MONEY IN TWO OR THREE YEARS THAN THEY’RE MAKING TODAY. THEY’RE GROWING, THEY’RE GOOD COMPANIES, AND WE HAVE SPECIAL IDEAS FOR THEM AS THEIR LEAD STOCK HOLDERS TO UNLOCK VALUE. SO I’M DEFINITELY INVESTING WITH A THREE YEAR LENS. HAVING SAID THAT, I ALSO FEEL IF THERE’S A SURPRISE TO THE MARKET, IT WILL BE TO THE UPSIDE. I THINK THAT THE ECONOMY IS HEALING AND I THINK THE MARKET IS PRICING IN SOME GOOD THINGS, BUT I THINK WE’LL GET SOME GOOD THINGS – I THINK WE’LL GET TAX REFORM, I THINK WE’LL GET REPATRIATION, WHICH IS GOING TO BE VERY BIG FOR THE MARKET.

DEBRA FINE, FINE CAPITAL PARTNERS VICE CHAIR, FOUNDER AND PRESIDENT

FINE ON VIDEO

THERE’S A SEA CHANGE GOING ON IN HOW PEOPLE CONSUME VIDEO. AND ALL THE VIDEO CONTENT, PARTICULARLY IN THE KIDS AREA, IS GETTING BID UP. BECAUSE INSTEAD OF JUST HAVING BROADCASTERS AND CABLE NETWORKS BUY IT, YOU NOW HAVE NETFLIX AND HULU AND AMAZON AND STARZ, AND VERY GOOD KIDS CONTENT REDUCES TURN FOR NETFLIX AND DRIVES AD DOLLARS ONLINE FOR AD-SUPPORTED DISTRIBUTION.

FINE ON CHILDREN’S CONTENT

DEBRA FINE: I THINK IT HAS BEEN AN OVERLOOKED INVESTMENT AREA. AND IF YOU THINK OF WHAT COMCAST PAID FOR DREAMWORKS – THEY PAID 24 TIMES EBITDA, WHICH JUST GOES TO SHOW CHILDREN’S CONTENT IS EXTREMELY VALUABLE, PEOPLE NEED IT, AND IT DRIVES VIEWERSHIP. KIDS ARE NOW 35% OF TOTAL VIEWERSHIP. THEY USED TO ONLY BE 20%. AND IN THE OLD WORLD, ADVERTISING WAS EXTREMELY RESTRICTED ON BROADCAST TV. THE TYPE OF ADVERTISING YOU COULD PUT ON, THE LENGTH OF ADVERTISING YOU COULD PUT ON –

KELLY EVANS: BUT THAT’S NOT TRUE IN THE ONLINE WORLD.

FINE: AND THAT’S NOT TRUE ANYMORE.

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